Heinz Buys Back $2B Of Debt As Buyout Zooms Toward Close

Law360, New York (May 3, 2013, 5:03 PM EDT) -- H. J. Heinz Co. on Friday announced plans to repurchase at a premium about $1.9 billion of outstanding debt, the latest piece of its plan to largely replace old bonds with new ones to finance its $28 billion private equity buyout.

The company will buy back six series of notes, mostly with lower interest rates and shorter maturities. About $1.9 billion was outstanding as of April 2012, and Heinz will pay a 1 percent premium to bondholders as required by its debt documents. It also said...